FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Chapter 10, Problem 10.5E

(a)

To determine

Sales tax payable

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically pays the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are stated as percentage of the sales price.

To prepare: The journal entry to record the sales transactions and related taxes for Company C as on 10th April.

(b)

To determine

To prepare: The journal entry to record the sales transactions and related taxes for Company Q as on 15th April.

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FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE

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